Types of Payment Terms?

Answer

There are different types of payment terms. Payment terms are dates when payment of goods or services is due. The invoice usually states when the payment is due such as net 30 days, net 45 days, or net 60 days, or due upon receipt. The individual making the payment can pay it off before the due date. Sometimes there is a discount applied to early payoffs. Late payments may be charged an interest fee. It usually states on the invoice if there will be interest charged for late payments.
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